Alexander Roepers: Companies in which Atlantic was a Constructively Engaged Shareholder

United States:

Europe:

Japan:

Alexander Roepers: Baker Hughes

Business Description

Third largest oilfield services companies in the world after Halliburton and Schlumberger.

Leading provider of completion services, specialty chemicals, drill bits and artificial lift, both onshore and offshore.

Global infrastructure with 50% of revenues derived from faster growing international markets.

Thesis

Broad based opportunity for self help to enhance profitability and cash flow through better execution in the field and more efficient use of capital.

Will generate meaningful free cash flow for the first time in several years through enhanced profitability, increased emphasis on working capital efficiency and lower CAPEX.

North America (“NA”) margin improvement: BHI will begin to close gap with peers in the critical NA market as it fully digests the 2010 BJ Services acquisitions and as it realizes the benefits of continuing infrastructure investment.